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AXA revenue growth slows, hit by currency headwinds
October 24, 2013 / 4:34 PM / 4 years ago

AXA revenue growth slows, hit by currency headwinds

PARIS, Oct 24 (Reuters) - AXA, Europe’s No. 2 insurer, blamed a stronger euro and seasonal weakness in life insurance for a slowdown in revenue growth in the first nine months of the year.

Revenue rose 2 percent to 69.5 billion euros ($95.93 billion), slower than the 3.4 percent revenue growth seen in the first six months of the year, AXA said on Thursday. It reaffirmed its 2015 targets without giving a progress update.

“There are several factors that we can see: The exchange-rate effect, the impact of asset outflows from our Asian customers and the slight slowdown in life insurance - though the third quarter is never a very strong one,” Deputy Chief Executive Denis Duverne told journalists on a conference call. ($1 = 0.7245 euros) (Reporting by Lionel Laurent; Editing by James Regan)

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